Celsius Holdings price target lowered to $45 from $65 at Roth MKM

Roth MKM analyst Sean McGowan lowered the firm’s price target on Celsius Holdings (CELH) to $45 from $65 and keeps a Buy rating on the shares. The firm is citing the management’s assertion that inventory reductions by Pepsi (PEP) will adversely affect Q3 revenues and margins more than expected, the analyst tells investors in a research note. Roth MKM adds that while the firm remains bullish on Celsius’s growth prospects beyond Q3, it also expects the category’s softness and Pepsi’s inventory tightening to continue to dampen investor enthusiasm forthe stock.